The cryptocurrency market has been trending sideways for the past few days, following the considerable declines from earlier in the week. It appears that traders are now looking for a direction, and major cryptocurrencies trade around important levels.Bitcoin’s price seems incapable of moving past the $67K definitively, having dropped toward it earlier in the week. At the time of this writing, BTC is right around that level, trading at a 1% loss for the past 24 hours.
The predominant action remains rather choppy, catching many over-exposed leveraged positions and liquidating them. In fact, around $110 million worth of leveraged positions were wiped out throughout the past 24 hours alone, with BTC accounting for almost $30 million of that. This is what the liquidation heatmap looks at the time of this writing:This is all you need not to miss any price action in the raging crypto markets.
The altcoin market is also failing to progress, with most of the cryptocurrencies from the top 100 by means of total capitalization unable to chart any gains.Solana is down 2.6% and currently trading below $15, while XRP fell below the critical level of $0.5 and is now down 1.5%. Polkadot, albeit down 1.4% on the day, is now testing the important $6.5 level, and if it breaks to the upside, the bulls may attempt to spark an uptrend.
Binance Coin is trading mostly flat on the day, which is more or less true for Ethereum as well.It’s safe to say that meme coins have become an important part of the broader market in 2024. However, this week’s downturn didn’t exactly spare them either.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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